Kazakh Bank Files Ch. 15 Amid $11B Reorganization

By Nick Brown

Law360, New York (February 05, 2010, 2:39 PM ET) -- Kazakhstan's JSC BTA Bank has filed for Chapter 15 protection in federal bankruptcy court to protect it from creditors as it hashes out an $11.6 billion restructuring in a Kazakh court.

Seeking protection under the U.S.' cross-border insolvency provisions became necessary after some financial services creditors, including UBS AG and Credit Suisse, commenced actions to recover claims against BTA, according to a petition and affidavits lodged Thursday in the U.S. Bankruptcy Court for the Southern District of New York.

The restructuring will continue to take place...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles